Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Securities analyst covering electronics, precision equipment & robotics, engineering, construction, transport and other sectors for more than 25 years in Japan and 3 years in Korea. Permanent resident of Japan.

Senior Technology Analyst, Japanese Equities

Tokyo Electron (8035 JP): Recovery Likely to Be Slow

Tokyo Electron. Betting Big On MAGIC Despite The Downturn

Tokyo Electron (8035 JP): Sell into the Bear Market Bounce

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Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>The market welcomed TEL's 3Q results and new guidance, but sales, profits and margins continue to decline year-on-year.</li>
<li>An optimistic consensus sees a new cyclical high in the second half of the decade, but avoids the question of disengagement from China.</li>
<li>Inventories are at a record high. Valuations out to FY Mar-25 do not look attractive. </li>
</ul>


The market welcomed TEL's 3Q results and new guidance, but sales, profits and margins continue to decline year-on-year.
An optimistic consensus sees a new cyclical high in the second half of the decade, but avoids the question of disengagement from China.
Inventories are at a record high. Valuations out to FY Mar-25 do not look attractive. 


Tokyo Electron (8035 JP): MAGIC Versus Reality